BENSALEM, Pa.--(BUSINESS WIRE)--Law Offices of Howard G. Smith announces that a class action lawsuit has been filed on behalf of investors who purchased of Emergent BioSolutions Inc. (“Emergent” or the “Company”) (NYSE: EBS) common stock between July 6, 2020 and March 31, 2021, inclusive (the “Class Period”). Emergent investors have until June 18, 2021 to file a lead plaintiff motion.
Investors suffering losses on their Emergent investments are encouraged to contact the Law Offices of Howard G. Smith to discuss their legal rights in this class action at 888-638-4847 or by email to email@example.com.
On March 31, 2021, The New York Times published an article reporting that in late February 2021, employees at Emergent’s Baltimore manufacturing plant “mixed up” ingredients of the different COVID-19 vaccines, contaminating up to 15 million doses of the Johnson & Johnson (“J&J”) vaccine forcing regulators to delay authorization of the plant’s production line.
On April 1, 2021, the Associated Press reported on Emergent’s “history of violations,” noting that the U.S. Food and Drug Administration (“FDA”) has repeatedly cited Emergent for problems such as poorly trained employees, cracked vials and problems managing mold and other contamination in its facilities.
On April 3, 2021, The New York Times reported that the Biden administration placed J&J in charge of Emergent’s Baltimore plant and prohibited it from producing the AstraZeneca vaccine, a setback for a Company that had touted its “unique” preparedness and “proven manufacturing capabilities” only months prior.
On this news, the Company’s stock price fell $14.29 per share, or over 15%, over two consecutive trading sessions to close at $78.62 per share on April 5, 2021.
The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors that: (1) Emergent’s Baltimore plant had a history of manufacturing issues increasing the likelihood for massive contaminations; (2) these longstanding contamination risks and quality control issues at Emergent’s facility led to a string of FDA citations; (3) the Company previously had to discard the equivalent of millions of doses of COVID-19 vaccines after workers at the Baltimore plant deviated from manufacturing standards; and (4) as a result, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis at all relevant times.
If you purchased Emergent common stock, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020, by telephone at (215) 638-4847, toll-free at (888) 638-4847, or by email to firstname.lastname@example.org, or visit our website at www.howardsmithlaw.com.
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